September 6, 2012 - 12:19 pm
Trump International has sold about 300 condo-hotel units in its Las Vegas tower to Hilton Grand Vacations time share division, the New York-based real estate company said Thursday.
The transaction is valued at about $100 million. Trump International sales manager Matt Brimhall said he’s been selling units for $240,000 to $350,000, depending on what floor they’re on.
Hilton Grand Vacations will be responsible for selling time-share intervals at Trump, and occupancy is expected to start early next year.
The Trump Organization will continue to manage the 64-story building with 1,232 units, said Eric Trump, executive vice president of acquisition and development. The tower is north of Fashion Show mall.
He said Hilton Grand Vacations expressed interest in purchasing bulk units at Trump International about a year ago.
“They’re true professionals and it was easy to come to an agreement,” the son of real estate developer Donald Trump said Thursday from New York City. “They love the building and they love the name. I think it’s a great linkage between both companies.”
Hilton Grand Vacations president Mark Wang said the collaboration will give Hilton time-share owners the opportunity to stay in one of the most celebrated properties in Las Vegas.
“This innovative venture strengthens the momentum of our industry-leading performance in the Las Vegas market and adds a new product tier to our diverse resort portfolio,” Wang said in a statement.
Hilton Grand Vacations also owns time-share properties near Las Vegas Convention Center, and on the Strip at the Flamingo and north of Circus Circus. The company also rebranded the former Westgate Resorts tower at Planet Hollywood.
Hilton brands are comprised of more than 3,900 hotels and time-share properties with 640,000 rooms in 91 countries.
“Las Vegas is coming back in a big way,” Trump said. “I see increased traffic at the airport, in security lines and in terms of the number of sales of condo-hotels. We’re moving at a faster pace than anybody and higher sales prices.”